People that are Knowledgeable in Real Estate and Forclosures...

[isekii]

What is the best way to find a forclosing homes in the area ?
Are the chances of purchasing these units good ?

Anything to watch out for ?

Is there any type of service that I should look to get this type of information ?

Has anyone purchased a home or homes using said service ?

 

[JackBurton]

Good question.

 

[AntiEverything]

Laws vary from state to state, but I believe in many states the foreclosure must be published in a newspaper so that anyone with an interest (meaning any owners or lien holders) knows that the property is being foreclosed on. So keep an eye on local newspapers.

It's a complicated process, due to redemption periods during which the homeowner can pay to get the property out of foreclosure, the fact that on a foreclosed property there are often numerous lien holders, it can be a bank foreclosure or a government foreclosure (for non-payment of taxes) and in some states the redemption period and the process is a bit different.

You need to talk to a Realtor or another investor familiar with it in your area since it does vary so much from state to state.

 

[bsobel]

This was a very popular area a few years ago. Now so many people have gotten into it, that you wind up paying just about retail anyhow...

 

[Rastus]

Originally posted by: bsobel
This was a very popular area a few years ago. Now so many people have gotten into it, that you wind up paying just about retail anyhow...

Competitive bidding does up the price to close to retail. And you must have cash. Plus, there is a lot of insider stuff going on that makes it very difficult for an outsider to stand a chance.